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ASIC suspends payday lender’s credit licence

Discussion in 'Property Finance' started by charpj, 21st Sep, 2015.

  1. charpj

    charpj Well-Known Member

    Joined:
    21st Sep, 2015
    Posts:
    79
    Location:
    Melbourne
    Not sure if correct sub-forum

    PAID was wound up and deemed insolvent after refunding 6,650 consumers who were charged excessive loan fees.

    http://asic.gov.au/about-asic/media...asic-suspends-payday-lender-s-credit-licence/

    Great move, very skeptical about these products. Also zipMoney launched on the ASX today, which is a line of credit product for online transactions (taking the credit card market share)

    http://www.businessinsider.com.au/z...pal-executive-ahead-of-its-asx-listing-2015-9

    This product also makes me nervous, not to mention what it will do to your credit file.

    Jeremy